Legal Question in Real Estate Law in New York

Real Estate Law

Please explain how two people can be equal co-owners of property if only one of them is named on the mortgage.


Asked on 4/05/07, 10:18 am

2 Answers from Attorneys
Michael Moberg Moberg & Associates

Re: Real Estate Law

The mortgage is the security interest in the property and must mirror the deed. In other words, all owners must sign the mortgage to pledge the property as collaterol.

The promissory note on the other hand may be signed by only one owner (the person borrowing the money).

I hope this answers your questions, if you should need any further assistance, you may contact me at anytime.

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Answered on 4/05/07, 11:45 am
florence hessen florence f. hessen,esq

Re: Real Estate Law

Hi:

This can happen if both parties are named on the deed.

Good Luck

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Answered on 4/05/07, 11:46 am


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